It's not too late to privatise royal mail

"In classical myth Cerberus was the three-headed dog that guarded the entrance to hell. The Royal Mail Group ('RMG'), as the holding company is currently called, is a three-headed dog that should be put down. This paper examines the problems underlying RMG's three businesses - letters, parcels and counters - and suggests that if Cerberus were privatised as three ordinary dogs and the holding company abolished, they would have much better prospects of profitable survival." Copyright (c) Institute of Economic Affairs 2004.